Three-fourths of Japanese companies aren't raising annual bonuses this summ...
TOKYO - Three-fourths of Japanese companies aren’t raising annual bonuses this summer, a Reuters poll found, a sign many see growth sputtering in the world’s third-largest economy as the U.S.-China trade war stokes fears of a global recession.
The Reuters Corporate Survey found 48% of Japanese firms expected summer bonuses to remain unchanged from last year, while 26% will raise them and 24% cut them. Some 2% have no bonus system. “Bonus payments are relatively high given gains over the past few years, but uncertainty over the global economy and recent yen rises could make it struggle to raise further,” said Yusuke Shimoda, senior economist at the Japan Research Institute, who reviewed the Reuters poll results.Weak wage growth and tame consumer spending have hampered Japan’s efforts to climb out of two decades of deflation and stagnation, keeping inflation far below the Bank of Japan’s 2% target.
“Those facing a labor crunch or employing part-timers may face the need to raise wages to lure workers,” Shimoda said. “Companies may also be concerned about the weak purchasing power of low-wage earners who could suffer from the planned tax hike.”
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